Cyprus sees 13.9 per cent year-on-year reduction in unemployment in June

The number of registered unemployed people in Cyprus dropped to 10,112 at the end of June 2024, primarily due to growth in key economic sectors, according to a report from the Cyprus Statistical Service (Cystat) released on Wednesday.

However, when adjusted for seasonal factors, this figure slightly increases to 10,959, marking a modest rise from May’s count of 10,839.

On a year-on-year comparison, June 2024’s figures represent a significant reduction in unemployment with a decrease of 1,635 persons (13.9 per cent) from June 2023.

This improvement is largely attributed to sectors such as financial and insurance activities, trade, construction, and accommodation and food services, alongside a reduction in newcomers to the labour market.

Delving into more recent shifts between May and June 2024, the construction sector saw a marginal rise in unemployment, moving from 555 to 562.

Conversely, the trade sector, which plays a pivotal role in the Cypriot economy, experienced a slight reduction in unemployment, decreasing from 1,458 in May to 1,421 in June 2024.

In the accommodation and food services sector, closely tied to the health of the tourism industry, there was a decrease in unemployed numbers from 918 in May to 878 in June 2024.

However, the information and communication sector moved counter to these positive trends, with unemployment rising from 392 to 440 during the same period.

A significant surge was observed in the public administration and defence sector, where unemployment escalated dramatically from 600 in May to 1,694 in June 2024.

Similarly, the education sector experienced a substantial increase in unemployment, from 373 in May to 1,154 in June.